1. Starting in 2012, MKTX initiated Open Trading, an all-to-all trading option that allows other investors, including other customers and non-pre-authorized dealers, to respond to customer RFQs. However, as Hendershott, Livdan, and Sch�rhoff (2021) report, the vast majority of trades are still intermediated by a dealer. 8The main variation in dealers' offers is price. In principle, dealers can respond to an offer with a different quantity, but in practice more than 97% of dealer responses are at the quantity level requested by the customer;Anna Kovner;MarketAxess quarterly report for 2022Q4,2014
2. The illiquidity of corporate bonds;Jack Bao;Journal of Finance,2011
3. Capital commitment and illiquidity in corporate bonds;Hendrik Bessembinder;Journal of Finance,2018
4. Market transparency, liquidity externalities, and institutional trading costs in corporate bonds;Hendrik Bessembinder;Journal of Financial Economics,2006